You might have received a Notice of Default. Perhaps your federal tax refund was seized, or wages were withheld from your paycheck—any of these actions toward you indicate that your loan(s) is in default. Your loan holder(s) can tell you the status of your loans and help you understand your options if you are in default.
If ECMC holds your loan(s), contact us. If you don't know who holds your loan(s), go to the Federal Student Aid (FSA) website, which is the central database for all federal student loan information.
If you believe your student loan(s) is not in default, contact your loan holder(s). You may be required to provide documentation or evidence of the discrepancy. This could include school... Read more >
Administrative wage garnishment—funds deducted from your paycheck without your consent—is permitted by law if you default on your federal student loan(s). If you do not make... Read more >
Yes. Unpaid interest that accrued on your loan(s) prior to the default is capitalized (added to the principal balance of the loans), creating a situation in which you are charged interest... Read more >
You are being contacted by a collection agency because you have not made satisfactory arrangements to repay your defaulted student loan(s). Being contacted by a collection agency is one of... Read more >
If you default on your student loan(s) and do not make arrangements to pay it back, federal regulations require that any government payments for which you are eligible be seized and applied... Read more >
When you defaulted on your student loan(s), you lost your eligibility for additional Title IV federal financial aid. Therefore, you must resolve your defaulted student loan(s) with your loan... Read more >
Loan holders are required to report federal student loan defaults to national consumer reporting agencies. A default on your credit history may remain for up to seven years.
You may be able to take advantage of a number of federal tax benefits, including credits, deductions and savings incentives to offset your costs for college or career training. For more... Read more >
A credit bureau is a national consumer reporting agency. It is any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the... Read more >
A credit bureau report is a consumer report under the Fair Credit Reporting Act. It is any written, oral, or other communication of any information by a consumer reporting agency bearing... Read more >
You need to contact your loan holder(s) to determine if there are options to resolve the default. The status of other items on your consumer report may have contributed to the decision... Read more >
You can dispute any entry on a consumer report by filing a dispute with the national consumer reporting agencies... Read more >